In a surprising move, the Ethereum Foundation has reportedly sold some of its Ethereum (ETH) holdings via over-the-counter (OTC) transactions.
The Foundation moved 100 ETH, corresponding to $253,000, to address 0xd77 and received 253,000 DAI in return. This move is seen as an allegation that ETH is being sold via OTC.
This is not the first time the Ethereum Foundation has made such a move. The Foundation sold 1,700 ETH for 2.738 million USDC on October 9, 2023, at a price of $ 1,611 per ETH. The Foundation sold a total of 2,262 ETH throughout 2023 for 3.64 million USDC and DAI, with an average price of $1,609 per ETH. These sell-offs often occurred before market declines and attracted attention in the cryptocurrency community.
However, despite the sales, the ETH Foundation still has a large amount of coins. According to on-chain data, the Ethereum Foundation has total ETH assets of $886 million, with $806 million in ETH and $79.81 million in WETH.
In addition, they hold around $500,000 in stablecoins and $15,000 in BNB. It is thought that BNB assets were sent to Ethereum Foundation wallets by others without permission.
*This is not investment advice.
